Closely behind

A Gulf monetary council will be tasked with deciding on the peg of a proposed single currency among Saudi Arabia, Bahrain, Qatar and Kuwait and timeline to launch the currency ... The launch of the currency will be preceded by coordination of monetary and fiscal policies and the creation of a regional Central Bank, Kuwait's foreign minister said ... The United Arab Emirates, the second-largest Arab economy, pulled out from the project in May, citing dissatisfaction over the choice to base the regional central bank in Saudi Arabia ... The U.A.E. is the second Gulf state to abandon the monetary union plan after Oman's exit three years ago. Kuwaiti officials have said they will work toward convincing the United Arab Emirates and Oman to rejoin the project. The monetary union project, which has been in the works since 2001, has been dogged by delays and debates over technical issues such as the currency peg.

Half success

To start with, full and complete success should neither be expected, planned or projected. The aim should be for a 'half-success' - just like 'half life' in physics, for radioactive substances. Just like half-life can continue, technically, to nearly infinity, so also, currency systems will need to innovate and modify continously.

What will be a half-success, for the 'Sucre' /GCC Currency, is if these :-

Initiatives 'inspire' other blocs to start work on another similar currency.

They got da jaundice

2ndlook had proposed a global virtual currency which would work on trading platform, based on weighted exchange value of all member currencies.The 'sucre' and the 'Khaleeji' is good first step in that direction - even if it fails. Western press has seen it with a jaundiced view.